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Contractors Insurance Agency Archives - Page 3 of 4 - Contractors Insurance Agency

Nov 14
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Measuring Success in Workers Compensation

By | Commercial Insurance | No Comments

The old adage says, “What gets measured, gets managed.” What does that mean for workers compensation? What can we measure to truly improve outcomes for everyone in the workers compensation system?

There is certainly no shortage of data, but what we do with it, how we measure it, and, most importantly, how we apply it are key components to improving the system for everyone.

The most important element of any program is treating injured workers well and getting them back to health and work as quickly as possible.

Three-point contact, adjuster caseloads, and the speed of communicating with the injured worker are all metrics to be extensively measured. But are these still relevant? Does success for these measurements lead to better outcomes, or should they evolve?

There is no definitive answer except that measurements are important if they ultimately lead to better outcomes.

Allowing metrics to evolve with advancing technology is important. The first communication with the injured worker is very different than just a short time ago. Some employers are now able to view employer video footage within hours of a claim being reported. Now, the first conversation with the injured worker can focus on them, not discovery.

The most important metrics to measure are those that focus on three core factors.

  • The speed with which the claim goes through the system
  • The quality of the medical care
  • Efforts around return to work

Keeping a balance on the metrics measured is key.

If you are making significant changes to your program, be sure to discuss these with the actuaries so they can adjust their modeling accordingly. Employers should meet with actuaries frequently to monitor trends that are impacting their program. It is important to show actuaries how all the metrics work together to see the whole story, rather than looking at any one metric in isolation.

Going forward, the industry will need to learn to trust the metrics more. It is time for stakeholders to rely on the technology, rather than what their guts are telling them should be right.

At the same time, it is crucial to make sure the customer is happy, regardless of what the measurements show. Measurements do not matter if the injured worker has a bad experience. There is no single measure that will guarantee success. The metrics can lead to positive outcomes when they are viewed as one factor in the overall injury management program. Organizations need to be willing to evolve and change with technology and the experiences of injured workers.

At the end of the day, it is how well we care for injured workers that is the most important thing.

If you have any questions about your workers compensation coverage please don’t hesitate to reach out to one of our licensed agents at Contractors Insurance Agency.

 

Oct 10
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Let Safety Drive Business Success!

By | Commercial Insurance | No Comments

Workplace safety is not just a list of rules. It’s a process. It takes commitment, effort, and is ultimately  something most businesses have opportunity to improve.

Keep the following in mind as you review your current processes to let safety drive your business success:

  • Keep it simple and take one step at a time.
  • Lead your business with safety, placing a focus on preventing injuries and losses.
  • If you do not react to an injury or loss, that is a missed opportunity for the future.
  • Workplace safety should be done because it is the right thing to do.

Here are seven best practices to focus on as you design your safety and health program, or enhance what is already in place as you evaluate your current process:

  1. Establish safety and health as a core value: Communicate to all workers your No. 1 goal is to keep your employees safe.
  2. Lead by example: Demonstrate safe behavior in everything you do and make it a priority in your daily interactions with workers.
  3. Implement a reporting system: Establish a system for workers to report all injuries, illnesses, near misses and safety concerns.
  4. Provide training: Train workers on the safe methods for performing their job, as well as how to identify and report unsafe conditions.
  5. Conduct inspections: Inspect the workplace on a regular basis – using a checklist to guide workers through the process – and assure that unsafe conditions and behavior are corrected.
  6. Address emergencies: Plan for identified emergency situations, including communicating the instructions to all workers, and periodically conduct a drill to test the plan.
  7. Make improvements: Take time to discuss safety and health issues with your workers. Seek input on workplace changes and implement hazard controls to improve overall safety.

Below is a link to some of OSHA’s helpful resources to improve your safety process: https://www.osha.gov/shpguidelines/download-recommendedpractices.html.

Sep 12
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Benefits of Product Liability Insurance

By | Commercial Insurance | No Comments

Your customers expect you to have safe and reliable products, and failing to meet these expectations can lead to huge financial losses. If one of your products harms a customer in any way, they can sue your business, leading to costly legal fees and settlements. These costs can easily reach six figures.

While you may do everything in your power to ensure your products are safe, mishaps can still occur without warning. That’s why, to protect against claims and ensure the longevity of your business, you need product liability insurance.

Product Liability Insurance includes:

Coverage for manufacturing or production flaws – One of the key features of product liability insurance is its coverage for manufacturing or production flaws that cause unsafe defects in the product.

Protection against design defects – Even after product testing and trial runs, potentially dangerous defects can still appear long after production. Product liability insurance can provide coverage for design errors that make goods unsafe for use by the public.

Response for packaging and warning issues – In the event that you fail to provide adequate defect warnings or instructions for using the product, your company can be sued. These claims arise when products are not properly labeled or have warning s that are not explanatory enough to reduce consumer risks while using the product Product liability insurance helps organization prepare for and litigate these types of claims.

Supplemental commercial general liability (CGL) coverage – Generally, there is limited product liability protection under a CGL policy, yet it may not be enough coverage to adequately protect your business.  Product liability policies work alongside CGL coverage, providing protection against losses caused by malfunctions or defects in your products.

Product liability is a complex exposure, and managing your risk can be a major undertaking – even if you have access to all the right resources.

To supplement your risk management strategies and address specific exposures, speak with one of our agents at Contractors Insurance Agency today.

 

Jul 18
0

Why is a Certificate of Insurance Important?

By | Uncategorized | No Comments

Are you a contractor, or a business that works with contractors? Then you’ve probably dealt with a certificate of insurance (COI). As a contractor, you’ve likely been asked to provide one to someone for whom you have worked. This is proof that you have proper insurance for the work you’re being hired to do. In fact, it can be an added benefit when you’re bidding for work.

What is a Certificate of Insurance?

Before we get into anything else, we have to clarify one very important thing. A certificate of insurance is not an actual insurance policy, and it’s not something you pay for. A COI is merely a document proving that you have insurance. It will typically show the types of coverage you carry, and what your liability limits are.

Why is a Certificate of Insurance Important?

For someone regularly hiring contractors, a COI can make a big difference in whether or not they choose you over someone else. If they hire a contractor without proper insurance, which can be proven with a COI, the company hiring the contractor could be held liable in the event that something goes wrong. Sometimes accidents happen and damage is done, but with a COI, you can prove that if something does occur, you’ll be able to cover the damage costs. The same thing applies if one of your workers gets injured on the job. With workers compensation insurance and the COI, you’ll be able to prove that you can take care of the costs and liability associated with any of these unfortunate circumstances.

Why Does Someone Want to See Your COI?

As a contractor, people for whom you work will always request a COI. They want to know and make sure that you have proper insurance coverage, so that they aren’t liable in the event of a claim. By having a COI, you are showing them a couple of things about your business if you have proper insurance coverage.

  • Common business coverage includes general liability insurance, which covers you if damage is done to property or someone outside of your company is injured on the job. Showing proof of general liability on your COI gives peace of mind to the person hiring you because they know that you’ll be responsible if an accident occurs.
  • Another type of insurance you should have (if you don’t already) is workers compensation. By proving that you have workers comp insurance, you can assure whoever’s hiring you that if one of your workers is injured, you’ll be able to cover their costs, and no one but you will be liable for their injury.

How is a Certificate of Insurance a Selling Point?

Unfortunately, some contractors will try to convince a business hiring them that they have proper insurance, when in fact they don’t. This is one of the reasons it’s so common for people to request your COI. Even with a COI, some contractors will use one that is expired or fake. With an accurate and current COI, you can assure the business hiring you that everything is covered and they won’t have anything to worry about. You can point out a couple of things to reassure someone that you’re reputable and your insurance is up to par.

  • Show them what types of insurance you have and why each one applies to their particular job. Explain that workers compensation coverage will protect them in the event that one of your employees gets hurt on the job. Do the same with your general liability coverage. These explanations will help them understand who holds the risk and how that benefits them.
  • You can also show them that the name on the COI is the same as your business, verifying that it is actually for your business and is valid.
  • The same applies for the dates on the COI. Point out that your insurance is current and will last throughout the job duration. If your insurance is set to renew during the job, assure them that you will present a new COI when you renew it.

While these things might seem simple or pointless, it can show that you care about transparency, and want to make sure everything is taken care of when it comes to the job.

How Do I Get a Certificate of Insurance?

When someone requests your COI, just go to your insurance agency and request it from them. You can then send it to whomever needs it. If you don’t have insurance, then you’ll need to get insurance before you can request a COI. As mentioned above, not only is it important to have insurance for your business, but it can also be added value when bidding for work.

Contractor’s Insurance Agency Can Help

If you’re a contractor and need insurance, Contractor’s Insurance Agency can help. Our name might give it away, but we specialize in helping contractors with their insurance needs. If you have insurance already, but have questions about COIs, feel free to give us a call at (888) 266-5120 or drop by our office. We’d love to serve you!

Jun 27
0

What All Business Owners Need To Know about Insurance

By | Commercial Insurance | No Comments

Why Do I Need Commercial Insurance?

Does your current insurance cover what you need it to cover? This can be a tough question to answer. The insurance world is complicated, not always easy to understand, and the last thing you want to happen is to lose your business because of an insurance mistake. Before we can talk about why business insurance is so important, we have to define what business insurance is and how it works.

Business insurance protects your company’s property, assets, and income. When getting a business insurance quote, the insurance company is going to look at a lot of different factors to determine which kinds of business insurance you’ll need, and how much coverage you’ll need.

  • How big is your company? Are you a startup or an established corporation?
  • What industry are you in? Do you work in something like construction or food service?
  • What do you need to protect (company vehicles, customer data, property, etc.)?

All of these things help the insurance company decide how much risk you pose, and your likelihood of filing a claim. They’ll ask you a lot of questions to determine what you want to be covered and from what. If you have company cars, you’ll need to consider commercial auto insurance. If you deal with a lot of sensitive data on computers, you’ll likely want cyber-liability insurance to protect against hacking or loss of data. These are all things a knowledgeable and experienced agency like Contractors Insurance Agency can help you with.

 

Types of Coverage to Consider

There are multiple types of coverage to consider for your business. You don’t necessarily need all of them, but it can’t hurt to look at each one individually and decide what applies to you and what doesn’t.

  • General Liability Insurance – Protects against financial loss due to property damage, personal injury, etc. caused by your company or on your business’ property.
  • Commercial Property Insurance – Covers loss of property (office, equipment, etc.) due to weather, theft, etc.
  • Cyber Liability Insurance – Protects against loss of your customers’ sensitive data through hacking or other cybersecurity flaws.
  • Employer Insurance – Covers things like worker’s compensation costs.
  • Commercial Auto Insurance – Covers company vehicles against damage or loss.

 

Don’t Skimp On Insurance to Save Money

It can be tempting to skip over insurance in order to keep costs low, especially if you are just starting out. However, this can be a dangerous decision that could come back to hurt your business tremendously. Business insurance can protect against several issues that could arise, either because of something outside of your control or a mistake you make.

Commercial property insurance can protect you against loss of your property or equipment due to either theft or unintended damage like a storm or fire. On a different note, what if a customer is injured on your property or a product or service you sold them causes them harm? They could sue and certain types of liability insurance can help protect you against the costs associated with a lawsuit.

 

Are You Legally Required to Have Insurance?

Another thing to consider is the legal requirements in your state. Many states have specific laws mandating whether your business needs certain kinds of insurance. These are requirements your insurance agent should be able to help you with. If you aren’t following the laws in your state, this could also hurt your business.

 

Saving Money On Business Insurance

So while business insurance is so important to have, it can still be a cost that you are hesitant to pay for. But there are a couple of ways you can work to save money.

  • Using an independent insurance agency like Contractors Insurance Agency can be helpful in saving money. Because we are independent, we have the capability of shopping around with several companies in order to help get you the best coverage at the most affordable rate for your business. Be sure to work closely with the agent you decide on and be transparent with them about all things relating to your business’ needs and insurance risks.
  • A bundled policy can be an additional option to explore in order to save money. A lot of times there are Business Owner Policies that include common types of standard coverages that a small or medium sized business needs. By bundling all of your coverage with one company, rather than buying individual coverage for each type of liability, you can very often save money. 

 

Contractors Insurance Agency Can Help

If you have questions about your current business insurance or are concerned about having the right coverage, Contractors Insurance Agency can help. As our name implies, we specialize in helping contractors properly insure and protect their businesses. Aiming to provide the best coverage at the best rates, we’ve got several satisfied clients. We’ve also got plenty of other content on our blog, discussing everything from workplace safety to filing an insurance claim.

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